DUBAI, United Arab Emirates--(BUSINESS WIRE)--Amira Nature Foods, Ltd, a company formed under the laws of the British Virgin Islands, (the “Company”) whose shares are listed on the New York Stock Exchange with the symbol “ANFI” announced today that on December 4, 2019, its Board of Directors approved a 20:1 reverse stock split of its ordinary shares. The Company’s ordinary shares will begin trading on a split adjusted basis on December 20, 2019.
As a result of the reverse stock split, each twenty (20) pre-split shares of the Company’s ordinary stock will automatically combine into one (1) ordinary share without any action on the part of the holders, and the number of outstanding ordinary shares will be reduced from 44,421,835 to approximately 2,221,091 ordinary shares. The Company’s ordinary shares will continue to trade on the New York Stock Exchange under the symbol "ANFI" but will trade under a new CUSIP number. The reverse split is intended to increase the market price per share of the Company’s ordinary shares to allow the Company to maintain its New York Stock Exchange listing.
No fractional shares will be issued as a result of the reverse stock split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of ordinary shares not evenly divisible by the one (1) for twenty (20) reverse split ratio, will automatically be entitled to receive an additional fractional share of the Company’s ordinary shares to round up to the next whole share.
The reverse stock split will not be submitted to a vote of the Company’s shareholders and a vote was not required under the laws of the BVI.
The Company’s transfer agent, Continental Stock Transfer & Trust Company will act as the exchange agent. Adjustments made to ordinary shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact Continental Stock Transfer & Trust Company for further information at 212.845.3217.
About Amira Nature Foods
Founded in 1915, Amira has evolved into a global provider of packaged specialty rice, with sales in over 40 countries today. Amira sells Basmati rice, premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship Amira brand as well as under other third party brands. Amira sells its products primarily in emerging markets through a broad distribution network. Amira’s headquarters are in Dubai, United Arab Emirates, and it also has offices in Germany, the United Kingdom, and the United States.
Cautionary Note on Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements generally can be identified by phrases that we or our members of management use such as “believe,” “expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other words or phrases of similar import. Specifically, these statements include, among other things, statements that describe our expectations for the global rice market, the financial impact of new sales contracts on our revenue, our expectations regarding the successful efforts of our distribution partners, and other statements of management’s beliefs, intentions or goals. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations, financial condition, or the price of our ordinary shares. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to our ability to perform our agreements with customers; our ability to recognize revenue from our contracts as planned; continued competitive pressures in the marketplace; our reliance on a few customers and distribution partners for a substantial part of our revenue; our ability to implement our plans, forecasts and other expectations with respect to our business and realize additional opportunities for growth; and the other risks and important considerations contained and identified in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.